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Bitcoin is trading around $59,767, consolidating above the 1/8 Murray line and below the 21 SMA, showing signs that bearish momentum is waning.
On the H4 chart, we can see that Bitcoin has bounced back above $58,000 on several occasions. Currently, BTC may be preparing for an upward move; however, we should wait for the price to consolidate above the psychological level of $60,000.
Conversely, if Bitcoin falls below $59,375—around the -1/8 Murray level—this zone could be seen as a selling opportunity, and it is likely to reach the lower band of the downtrend channel around $57,000, eventually potentially reaching the -2/8 Murray level around $56,250.
On the H4 chart, we can observe the formation of a symmetrical triangle pattern. Therefore, a break above $60,500 could provide momentum for Bitcoin, allowing it to quickly reach the upper band of the uptrend channel around $62,700.
Given that Bitcoin is reaching oversold levels, we could expect it to consolidate above the psychological level of $60,000 and rise toward the upper band of the uptrend channel at $63,700, eventually reaching the 200 EMA around $65,060.
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